Whitefield Commons

Formerly known as The Windsor, the apartments were built in 1944 and purchased in January 1984 for $1 million. The purchase was made with Community Development Block Grant (CDBG) assistance from Arlington County and with equity from private real estate investors. Two three-bedroom units were added. Rehabilitation was completed in spring 1985 at a cost of $1.347 million. Whitefield's Community Resource Center opened in 2001. In 2003, Wesley Housing restructured the financing of Whitefield, buying out its for-profit partner. In 2004, Wesley Housing paid Arlington County $1,155,218, which included $490,000 of CDBG funds plus $665,218 in interest accrued on the property loan made by Wesley Housing to Whitefield Commons. Using the Low Income Housing Tax Credit (LIHTC) program with equity from The Enterprise Social Investment Corporation, Wesley Housing completed rehabilitation in the spring of 2005"including renovated kitchens and bathrooms, new windows, HVAC upgrades, exterior brick work, and stairwell and common area improvements. As a LIHTC property, rents will remain affordable in a mixture of households with incomes at 50% and 60% of the area median income, including many families with housing choice vouchers.
Partner: Bank of America is the construction lender; ESIC is the tax-credit equity partner.